Bing Inc.'s charter authorizes 500 shares of stock with no par value. Bing Inc. sells 100 shares of stock at its initial offering for $5 per share. The journal entry to record this transaction will include a (debit/credit) to Common Stock for .

Credit to Common stock for $500

Explanation:

In Accouting, Common stock is also called an owner's equity.

Debit decreases Common stock while credit increases common stock.

Bing Inc. sells its share to the public that means Bing Inc. is looking for more investors. So this amount here will be a credit because it increases the common stock.

And the amount to be recorded will be 100 shares multiply by $5 per share equals:

100 x $5

=$500.

Therefore, $500 will be generated for the common stock and this amount will be in credit side

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